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I think they can keep the deposit. Afterall, it was most likely used to build the place. I really hate walking away from that money; worse yet, I hate thinking about the higher HOA fees if only a few dozen close. On another note, my lender is ready for me to close and is not asking for 30%. Maybe the down payment depends on ones credit rating???
Although the economy is hurting and its immediate future is somewhat cloudy for the next year or two, if you believe we will eventually get out of this recession/depression, North Beach may wind up being a decent investment given the recent reductions in price of over 30% and assuming you have the financial ability to ride out the ups and downs over the next few years. Once closings start, the fear and apprehension to move forward will subside and some of those hesitant buyers will get on the bandwagon. For those buyer that don't elect to go ahead and close, their units will eventually be bought by other savy buyers maybe at lower prices. If you believe we are near the bottom of the real estate market, then North Beach will have nowhere to go but up in value. If it takes another year to sell the units that did not close, the Homeowner's fees may be higher in the short term, however, that will eventually work itself out.
Just trying to be a little positive in these difficult economic times!
ok you two enough gushing! I'm starting to think your both agents or worse your both the same person! Some of us are not going to be able to close and stand to lose allot. The situation REALLY sucks and we've done nothing wrong. I think class action suit is our next step. The contract was basically crap....
.... anyone else on board?
Add us to the "gushers" list! We are totally thrilled to be closing on our condo at NBP! And to have the price adjusted to meet with current appraisals, it's become a very good investment.
I hope for your sake the developer continues to build all that has been promised, I've gotta wonder if it at all possible to staff such a large venture with so few HOA dues. Glad your all capable, but the little guy loses again....
.... bad taste, very bad taste. This was my first try at this, and with kids going into school and a slowdown in business this "failure" could not come at a worse time! Lesson learned, I guess, but we should not go away without a fight....
Why are you worried about the HOA dues? It's in the master deed that the developer is responsible for any unsold units. The dues are assigned to the unit size, not the number of units closed.
Alright lets see, if this gets to personal let me know. It might not be any of my business, but....
How many of you already own property in Myrtle(vacation type condo or other location)and are you going to reside at NBP? Do you have to sell property to make this work? Is this just an investment and are you planning on renting this property? I guess my question is what is your plan for NBP.
I'll go first. Our intention was to buy and sell at some future date, renting to "make" mortgage payments. You might think the downturn would help us in a way but we did this on tight budgets and haven't got anymore to put up for our DP. All of us have college age kids and first mortgages. Its just not going to happen. What is everyone elses story....
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Opportunity
